Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0260%/8h= −28.5% APRpaid last 24h −0.014%

Price spread now: HTX against Backpack−0.126%7-day average −0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$290.292% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 3 days (all we have)−0.057%−$6 · spread now −0.126%, 7d avg −0.086%

Together, before fees−0.074%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and HTX is 0.040% cheaper against Backpack than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.086%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.017% in total (about -0.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XRP_USDC_PERP	1.5656	0.0360	pay 0.0045% / 1h	45m 21s	$1.8M	$976K	25x
Short	HTX XRP-USDT	1.5636	0.0100	get 0.0100% / 8h	1h 45m	$51.4M	$15.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee HTXbpOrdersPrice spread, now −0.126%Rate

Funding earned: −$54.64
Price spread: −0.126% → −0.086%: −$3.96
Slippage, 4 orders: −$7.17
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$87.77
Costs to cover: 0.292%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; HTX: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Backpack live order book, 4 min ago	0.32 bp	5.3 bp −$5	7.0 bp −$70	doesn't fit	doesn't fit
Sell HTX live order book, 4 min ago	0.03 bp	9.5 bp −$9	14.5 bp −$145	29.2 bp −$2,918	doesn't fit

XRP on 51 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff XRP-PERP	−0.0080%	1h	1.5692	+0.230%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5691	+0.225%	$1.1M	$104K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5696	+0.258%	$263K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−2.338%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5645	−0.073%	$15.7M	$67.5M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0052%	8h	1.5707	+0.326%	$81K	$936K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0068%	1h	1.5710	+0.345%	$9.7M	$25.0M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0081% / S +0.0142%	1h	1.5700	+0.278%	$925K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5677	+0.133%	$3.0M	$11.7M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5700	+0.281%	$461K	$3.1M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi XRP/USDT-P	+0.0096%	1h	1.5637	−0.120%	$19K	$73K	7x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5695	+0.252%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5699	+0.275%	$40.0M	$75.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5690	+0.220%	$678K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5702	+0.297%	$569.7M	$1.92B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5713	+0.364%	$355.8M	$872.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5705	+0.313%	$129.2M	$873.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5615	−0.262%	$581K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5699	+0.275%	$121K	$724K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5527	−0.824%	$1.7M	$572K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5702	+0.294%	$374.4M	$135.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5700	+0.281%	$292.4M	$825.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5701	+0.289%	$113.6M	$153.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5708	+0.332%	$272.5M	$353.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5705	+0.313%	—	$115.5M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5634	−0.140%	$11.8M	$29.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5621	−0.222%	$678K	$98.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5635	−0.134%	$1.1M	$41.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5628	−0.179%	$1.0M	$879K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5683	+0.171%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5705	+0.313%	$49K	$443K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5707	+0.326%	$42K	$62K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5708	+0.331%	$846K	$71K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5713	+0.361%	$132K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5648	−0.051%	$31K	$1.9M	10x	as long as short
HTX XRP-USDTshort	+0.0100%	8h	1.5636	−0.126%	$51.4M	$15.1M	75x
Phemex XRPUSDT	+0.0100%	8h	1.5645	−0.070%	$55.7M	$28.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5696	+0.252%	$489K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5696	+0.255%	$12K	$248K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5693	+0.234%	$2.2M	$7.0M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5695	+0.250%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0160%	1h	1.5703	+0.300%	$9K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5699	+0.273%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5656	0.000%	$5.8M	$46.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5619	−0.236%	$24.6M	$71.9M	125x	as long as short
Kalshi KXXRPPERP	+0.0337%	8h	1.5643	−0.083%	$1.9M	$32.0M	2.9x	as long as short
Backpack XRP_USDC_PERPlong	+0.0360%	1h	1.5656	long leg	$1.8M	$976K	25x
Phoenix XRP	+0.0516%	1h	1.5590	−0.422%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5705	+0.311%	$412K	$534K	10x	as long as short
Aftermath Perps XRPUSD	+0.0604%	1h	1.5612	−0.283%	$1K	$11K	10x	as long as short
Hyperliquid XRP	+0.0658%	1h	1.5715	+0.377%	$290.8M	$196.9M	20x	as long as short